Bruno Le Mer, the finance minister for France, stated that if a European agreement is not achieved, Paris is prepared to move on with imposing the global minimum tax on businesses next year.
The Bloomberg News Agency reported that Le Mer said, during an interview with the newspaper “Le Parisien” published today, Sunday: “If a European solution is not issued by next December, France will apply the global minimum tax on companies of 15% early next year.
“France has been urged to take action “against maximising tax benefit for significant international and French corporations” for the past five years, he continued.
International negotiations over the Organization for Economic Cooperation and Development’s (OECD) overhaul of the global tax system have been ongoing for years, but French President Emmanuel Macron gave the European Union’s minimum tax proposal top priority.
Because some of the 27-member bloc’s members were still hesitant, there was no consensus on this subject at the European Union level throughout the first half of the year.
The Netherlands, Italy, Spain, and Germany have all given their consent, and they will all apply this tax within the same time frame, according to Le Mer.
In 2019, the Organization for Economic Cooperation and Development’s negotiations made a little headway, but France imposed its national tax on significant businesses’ digital earnings.
Le Mer stated in an interview with Le Parisien that the tax will bring in 670 million euros next year and 591 million euros this year for France.
If the European Union cannot come to an agreement, France is prepared to enact the minimum taxes.
About Author
